Sunday, November 23, 2008

Mortgage Update - 2009 FHA Loan Limits Released

Ann Arbor Michigan Real Estate Update - 2009 LOAN LIMITS HAVE BEEN RELEASED-

Fannie Mae and Freddie Mac left their loan limits unchanged at 417,000 for 2009.
FHA left their base loan limit unchanged at 271,050. High cost areas are based on median home prices, and since those fell, FHA is reducing their maximum loan amounts in the following counties;
2008 Max Loan 2009 Max Loan

Jackson 271,050 271,050
Lenawee 297,500 273,700
Livingston 297,500 273,700
Macomb 297,500 273,700
Monroe 297,500 273,700
Oakland 297,500 273,700
Washtenaw 345,000 317,400
Wayne 297,500 273,700

If you have a FHA transaction that needs to close at the higher 2008 loan amount, your buyer needs to get moving. VA now has an loan limit of $1,000,000. VA also just started allowing 100% refis. This allows veterans to refi their non-VA
loan into a fixed VA loan even if they have no equity in their homes.

Rural Development has no loan limits, relying instead on income limits. Their income limits will be calculated differently in 2009 to allow more families to qualify.

Ypsilanti Subdivisions, Search the MLS for all Ann Arbor area Real Estate
Thanks to Bob Yopko at FIRST EQUITY RESIDENTIAL MORTGAGE, INC. Chelsea, Michigan 800-557-0270

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